Trade Idea Wrap-up: EUR/USD – Buy at 1.3485

Candlesticks and Ichimoku Intraday | Written by Action Forex | Jan 30 13 15:57 GMT

EUR/USD – 1.3567

Most recent candlesticks pattern : N/A

Trend : Near term up

Tenkan-Sen level              :1.3533
Kijun-Sen level                 :1.3510
Ichimoku cloud top              :1.3446
Ichimoku cloud bottom          :1.3441

Original strategy : 

Buy at 1.3485, Target: 1.3585, Stop: 1.3450

Position: -
Target:  -
Stop:-

New strategy  :  

Buy at 1.3485, Target: 1.3585, Stop: 1.3450

Position: -
Target:  -
Stop:-

As the single currency has maintained a firm undertone after breaking previous resistance at 1.3480, suggesting recent upmove is still in progress (indicated upside target at 1.3545-50 - 61.8% projection of 1.3265-1.3480 measuring from 1.3415 had been met) and further gain towards 1.3600-10 would be seen, however, near term overbought condition should limit upside to 1.3630 (100% projection of 1.3265-1.3480 measuring from 1.3415), risk from there is seen for a retreat later.

In view of this, we are looking to buy euro again on pullback, below 1.3530-35 would bring minor correction to the Kijun-Sen (now at 1.3510) but renewed buying interests should emerge above previous resistance at 1.3480. Below the Ichimoku cloud (now at 1.3441-46) would signal a temporary top is formed and risk correction back to yesterday’s low at 1.3415.